Ted Cruz announces Carly Fiorina as running mate

"This is an individual you can trust to lead this country no matter what might happen," he said before introducing Fiorina at an Indianapolis rally.

In a nearly 30-minute long speech before Fiorina took the stage, Cruz acknowledged that it is odd to nominate a vice presidential candidate ahead of the Republican National Convention in July.

"I think all would acknowledge that this race, if anything, is unusual," he said, adding that no candidate will hit the needed 1,237 delegates to secure the nomination ahead of the July convention.

Once she took the stage, Fiorina said she was honored to accept Cruz's offer.

"This is a fight for the soul of our party and for the future of the nation," she said.

Earlier Wednesday, Cruz told reporters he'd be making a "major announcement," and multiple sources soon confirmed to a number of outlets that he'd be tapping Fiorina, an ex-presidential hopeful and former Hewlett-Packard CEO, as his running mate.

She endorsed Cruz not long after dropping out of the GOP race, and she has frequently appeared as a surrogate for the senator since.

Cruz is fresh off of a massive defeat during Tuesday's East Coast primaries. He dropped all five contests by large margins to GOP frontrunner Donald Trump, who has now defeated Cruz and Ohio Gov. John Kasich in six straight contests.

Trump ripped the decision in a statement, calling it "a pure waste of time' and comparing it to the recent electoral agreement struck between the campaigns of Cruz and Ohio Gov. John Kasich.

"It reminds me very much of the already failed Kasich "collusion" —­ a desperate attempt to save a failing campaign by an all talk, no action politician," he said in the statement.

"The people of Indiana are very smart —­ they will see through this just like they saw through the already failed Kasich alliance," he continued. "Cruz has no path to victory, he is only trying to stay relevant."

The Texas senator is mathematically eliminated from reaching the 1,237 delegates needed to secure the GOP nomination ahead of the July convention. But he is hoping to stop Trump from reaching that number so that the convention can be opened up to a second ballot of voting.

In hopes of doing so, Cruz recently struck the agreement with Kasich that Trump mention. It called for the Ohio governor to pull resources out of Indiana, clearing the way for Cruz to have a more favorable matchup with the Manhattan billionaire.